CFPB Will Seek Compliance Delay On Qualified Mortgage Rule

Law360 (February 23, 2021, 8:28 PM EST) -- The Consumer Financial Protection Bureau said Tuesday that it will move to delay full implementation of the qualified mortgage regulations completed last year under its former Trump-appointed director as it mulls pursuing potential changes to them.

In a statement, the CFPB said that it plans to propose pushing back the July 1 compliance date of its final rule that relaxed the underwriting requirements for a loan to earn general qualified mortgage status and the lender liability protections that come with it.

This general QM rule, which was issued by former CFPB Director Kathleen Kraninger and finalized in December, was paired with another...

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